Economic Development Month in Review: April 2019

For the Top Economic Development News of the Month, CEG selects news articles about projects or developments that promise to improve and/or transform the Capital Region’s economy, particularly those that related to manufacturing and initiatives outlined in, Capital 20.20, a five-year, multi-pronged plan for bringing economic prosperity to the entire region.

To learn about more the Capital Region’s economic development news from the past month, see CEG’s Economic Development Week in Review posts:

“Momentive Performance Materials is hiring dozens of electricians, mechanics and pipefitters to replace retirees at its Waterford factory after sales increased by 16 percent last year.

The manufacturer finished last year with $2.7 billion in sales, a $374 million increase from the previous year. Growth was driven by increased demand from customers who make everything from cars and cosmetics to electronics.”

“The owner of the Port of Coeymans is continuing to expand near the state Thruway, thanks to a land rezoning done last year by the village of Ravena.

After convincing the village to rezone 66 acres from residential to industrial use, port owner Carver Laraway then got village planners to approve using the land to expand his 125-acre port’s industrial park.”

“The Capital District Transportation Authority has been awarded the necessary federal funding to construct and launch its new Blue Line bus rapid transit route connecting downtown Albany, Troy and Waterford along the Hudson River.

The U.S. Department of Transportation announced a Capital Investment Grant of $26.9 million on Tuesday afternoon. The BRT corridor is the second of three planned by the CDTA. Its corridor connecting downtown Albany and Schenectady began operating eight years ago along Route 5 and is identified variously as Bus Plus and the Red line.”

“JUST Goods Inc. is proceeding with plans to lease additional production and warehouse space to keep up with demand for its original product, JUST Water, packaged and bottled in downtown Glens Falls since the brand’s inception in 2012.

According to corporate spokesperson Kara Rubin, vice president of brand and product strategy, We need to be able to accommodate a growth trajectory based on current experience and the present facility doesn’t allow that flexibility.’”

“GlobalFoundries is selling its former IBM chip plant in Dutchess County to another chipmaker, in a move that could bring new production to its Saratoga County plant, the two companies and state officials announced on Monday.

The 300-mm wafer plant in East Fishkill, which GlobalFoundries acquired from IBM in 2015, is being sold to ON Semiconductor for $430 million, with $100 million paid now, and $330 million by the end of 2022, when the sale will be completed.”

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